Warburg Pincus to buy $210m Haitong shares
Warburg Pincus Private Equity has agreed to buy $210 million worth of Haitong shares, thus becoming a cornerstone investor in the Chinese brokerage’s Hong Kong IPO.
The second-largest listed brokerage in China, Haitong plans to sell 1.229 billion shares at HK$9.38-HK$10.58 apiece from December 15. The IPO process could raise up to $1.7 billion, regional media reported.
Japan's Chuo Mitsui Trust & Banking Co, a subsidiary of Sumitomo Mitsui Trust Holdings, is also a cornerstone investor, and will purchase $12 million worth of shares - bringing the two backers' combined stake in the deal to 13%.
The joint global coordinators on the floatation are Citigroup, Credit Suisse, Deutsche Bank, JP Morgan and Haitong International, while HSBC Holdings, Nomura, Standard Chartered and UBS are also on board as joint bookrunners.
Haitong previously said that it will use the newly raised funds to create or acquire securities companies abroad, as well as increase its working capital.
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